>

Chip Eng Seng to sell three shophouses at Geylang Road for $8.63 mil

By Charlene Chin

/ EdgeProp Singapore |

August 23, 2021 3:41 PM SGT

Raymond Chia, group CEO of Singapore-listed conglomerate Chip Eng Seng Corp (Credit: Samuel Isaac Chua/EdgeProp Singapore)

Join our Telegram channel and follow our Facebook for the latest update.

SINGAPORE (EDGEPROP) - Property and construction firm Chip Eng Seng has entered an agreement to sell three of its shophouses at 157, 159 and 161 Geylang Road for $8.63 million to an unrelated party. (See also: Three conservation shophouses in Geylang for sale at $12 mil)

Acquired by the firm in 1993, the property, which is the group’s remaining shophouse property in Singapore, comprises a partly two-storey, partly four-storey corner commercial shophouse, occupying a land area of approximately 2,990 sq ft.

It is currently tenanted and will be sold with tenancy.

“The group’s shophouse properties in Singapore do not contribute significantly to the group’s revenue and profitability as a whole. The group has therefore undertaken an exercise to dispose [of] its shophouse properties in Singapore,” Chip Eng Seng says in Singapore Exchange filing.

The option fee of $86,300, at 1% of the purchase price, has been paid to CES Capital, its wholly owned subsidiary.

Chip Eng Seng also adds that it has since completed the disposal of its shophouse property located at 115 Geylang Road, while the disposal of its shophouse properties located at 84/A/B and 86/A/B Tanjong Pagar Road is pending completion on Dec 23.

Check out the latest listings near 161 Geylang Road, Tanjong Pagar

Tags:

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

Sapphire Windows’ Liews: Beyond providing a room with a view

2

Keeping cool in an east-west-facing house with modern glass windows

3

Far East Shopping Centre’s $908 mil en bloc deal aborted

4

Luxury living in the new heart of Bukit Timah

5

Grandson of Genting Group founder leads Cover Projects, carves niche in Singapore’s heritage properties

Our Site

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.